LEPANTO Consolidated Mining Co. is set to declassify its common shares after its board has approved amendments to its Articles of Incorporation in compliance with Securities and Exchange Commission (SEC) Memorandum Circular 10, Series of 2025.
In a disclosure on Wednesday, the listed mining firm said its board of directors, during a regular meeting on Feb. 16, 2026, approved and agreed to endorse to stockholders the amendment of Article Seventh of its Articles of Incorporation to remove the distinction between its Class “A” and Class “B” common shares.
The proposed amendment retains the company’s authorized capital stock at P6.64 billion, but restructures it into 66.4 billion common shares with a par value of P0.10 each.
This replaces the existing structure of 39.84 billion Class “A” common shares and 26.56 billion Class “B” common shares, both with par value of P0.10 per share.
As part of the changes, provisions restricting Class “A” shares to Philippine nationals and limiting Class “B” shares to 40 percent of total outstanding shares will be deleted.
Rules governing conversion, ownership qualifications and stock certificate replacement for the two classes will also be removed.
Under the amended article, all subscribed, issued and outstanding shares previously classified as Class “A” and Class “B” will, 15 business days after approval by the SEC, be deemed converted into a single class of common shares.
Existing stock certificates will remain valid and tradable as common stock without the need for replacement, regardless of the class indicated on the certificate.
Furthermore, a new provision will also be inserted prohibiting the recording of any transfer of shares that would reduce Filipino ownership below the minimum level required under existing laws.
The restriction will be indicated in the company’s stock certificates.
The amendments are subject to stockholders’ approval and subsequent confirmation by the commission.
Lepanto said the changes will not affect its business, operations or capital structure.
Lepanto “A” shares fell by a centavo to close at P0.189 each, while “B” shares rose by 2 centavos to close at P0.194 each on Wednesday.
